Asked by Anonymous
I currently live and work overseas and am due to take possession of our 4-room BTO flat in August'2014. We were granted a HDB loan in 2011 when we signed the option to purchase. 1. If we pay for the flat in full without any financing, does this mean that the MOP is reduced from 5 years to 3 years? 2. Will HDB ask for evidence of income at the time of settlement before lending us $? Will overseas pay slips suffice - no CPF contribution - be accepted to show that we're able to finance? We have combined income of >$100k annually. 3. I was told by a friend that HDB will wipe out all CPF OA balances (even if it far exceeds the 20% downpayment)and the HDB will finance the rest of the balance. Is this the case? 4. If Qn3. is true, what about the investments made from the OA account? Do these have to be sold?
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